Emergency Fund Tracker Spreadsheet | Monthly Saving Goal | Set an Emergency Fund | Perform Calculations & Tedious Work | Somquest

An emergency fund is simply a separate fund designated for emergencies that are used to pay for or defray unexpected expenses. It should be viewed as something other than a long-term savings strategy for paying for college expenses, a new car, or a trip. Instead, this money acts as a safety net that is only used in times of emergency.

It’s crucial to have an emergency fund if you’re living on a tight budget. Before we dive into the how let’s first examine why you should consider setting up an emergency fund. You may use it to schedule and keep track of the amount of money you put aside each month to develop an emergency fund that can assist you in reaching your target.

You can set your savings goal, the monthly amount you wish to save, your desired amount to deposit or withdraw, and the balance at the conclusion of each transaction. Additionally, there is a progress tracker to monitor your advancement towards your goal.

Benefits of an Emergency Fund

1. It Prevents the accumulation of debt with the money you have saved.
   You may cover an unexpected medical expenditure without using your credit card and putting your family further into debt.
2. Financial peace of mind.
   Instead of worrying about where you will get the funds, you can easily withdraw a certain amount from your emergency fund when you needed. It’s like having a backup plan for the unexpected!
3. Protects your family.
   By setting up an emergency fund, you may safeguard your family and bank account against unforeseen events.

The emergency fund tracker from somquest has the following features:

• Monthly savings goal
• Progress tracker
• Details of the amount deposited
• Details of the amount withdrawn
• Available Balance

This tracker is already configured to perform all the calculations and tedious work, only elementary spreadsheet knowledge is needed!